A London based industrialist Lord Swraj Paul has on March 25th met the PM Narendra Modi and has conveyed his appreciation of the recent plan of the Indian government to treat NRI Investments at par with resident investments. Paul has told Modi that new Government decisions to allow on non- repatriable basis was welcomed by many.
Paul has said that after making the declaration has made a personal investment of 25 crores into a finance company which was managed by his Caparo Group in India. The Indian government has aimed to attract more overseas funds and the government has planned that non-repatriable investment by NRI’s, OCI’s and PIO’s.
The investments will be considered as domestic investments and will not be subject to Foreign Direct Investment caps. Investments which are made by NRI’s under schedule of FEMA regulations will be treated by domestic investment at par with the investment with the investments which was made by the residents.
Caparo which was formed in 1968 is a fast rising UK based group with one billion euro turnover. Its India business consists of some 30 plants and most of them are manufacturing automotive and engineering based products. Saraj Paul has also met the former PM Manmohan Singh and the Home Minister Rajnath Singh.
